RISK MANAGEMENT: PAST, PRESENT AND FUTURE

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RISK MANAGEMENT PAST, PRESENT AND FUTURE

• Stéphanie Reniers
• Senior consultant compliance, risk and audit
• Huxley Associates

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CONTENT

• Introduction
• Past birth of risk management and evolution of
  the functions
• Present Due to economical situation, what are
  the current needs in risk management?
• Future how will companies implement the risk
  management functions?
• Conclusion

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Past birth of risk management and evolution of
the functions

• Profiles identified Auditors, Controllers,
  Credit analysts, risk specialists in insurance
  companies
• Background identified University Degree in
  Finance, Accounting and Business Administration
• Integration of an independent function Technical
  and financial sides of risk management
• Risk management functions fast changing world
• Creation of Institutes and schools of risk
  management

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Present current needs in risk management

• Impact of economical situation
• Profiles identified compliance officer,
  corporate governance, regulatory affairs, fund
  compliance officer, operationnal risk, actuaries,
  credit risk management
• Knowledge in Basel II, AML, SOX, KYC, fund
  compliance, Solvency II, UCITS III
• Background Master in finance, Institutes of risk
  management, law degree
• Needs of experienced people in risk management
• Risk management in companies important to have
  right technologies but also right people at the
  right place
• Our clients point of view

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Future how will companies implement the risk
management functions?

• depends on the size of the organization involved
• sustainability movement will impact risk
  management
• New function Chief Risk Officers
• Background MBA key specialization in finance
• Knowledge in Basel III, UCITS IV, Solvency, new
  regulations, AML, investment restrictions
  policies
• greater financial skills will be required for
  risk managers
• a sound risk management program strong
  communication skills

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CONCLUSION

• Risk management constant evolution
• More present than never in financial institutions
• Key function
• Need people specialised in that field
• What will it be in 20 years?